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Abu Dhabi: The ordinary general assembly meeting of the National Bank of Abu Dhabi (NBAD) on Sunday approved the proposed dividend, 40 per cent of the nominal share value in cash, and 20 per cent in bonus shares.
In value terms, the cash dividend is 40 per cent higher, compared to last year, given the bank's growing revenues and net profit.
Assets rise
"Total assets increased by 38 per cent to Dh140 billion, with loans increasing by 39 per cent to Dh80 billion and customers deposits by 16 per cent to Dh82 billion. Liquidity is comfortable with over Dh30 billion in UAE Central Bank Certificates of Deposit (CDs)," Khalifa Mohammad Al Kindi, the bank's chairman, told the shareholders.
In terms of exposure to the US sub-prime mortgage crisis, NBAD reiterated its earlier announcement of not having any exposure.
"Our exposure is only to US financial institutions, the likes of JPMorgan and Citigroup, within the context of international banking activities, and that involves counter-party risks, such as interest rate swap or currency swap," Michael Tomalin, NBAD's chief executive officer, told Gulf News.
The meeting also discussed the entitlement of the holders of the converted bonds to interest and profit for 2007, as on March 15, 2008, as some shareholders rejected the notion, while owners of converted shares objected on the grounds that they had to incur a heftier price to acquire these shares.
There are Dh1.33 billion worth of converted shares under consideration within the framework of the first convertible bonds program, when Dh2.5 billion worth of convertible bonds were issued.
The outstanding value of convertible bonds stands at 3.2 billion.
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